The Business Research Company’s Insurance Brokers Global Market Report 2021: COVID-19 Impact And Recovery
LONDON, GREATER LONDON, UK, September 20, 2021 /EINPresswire.com/ — According to the new market research report ‘Insurance Brokers Global Market Report: COVID-19 Impact And Recovery’ published by The Business Research Company, the insurance brokers market is expected to grow from $88.16 billion in 2020 to $92.2 billion in 2021 at a compound annual growth rate (CAGR) of 4.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $113.99 billion in 2025 at a CAGR of 5.4%. The increasing demand for insurance policies drives the growth of the insurance brokerage market.
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The insurance brokers market consists of sales of insurance policies by entities (organizations, sole traders, and partnerships) that act as intermediaries (i.e., agents or brokers) in selling annuities and insurance policies. Only goods and services traded between entities or sold to end consumers are included.
Trends In The Global Insurance Brokers Market
The integration of AI in the insurance sector is a key trend gaining popularity in the insurance broker market. The AI and human creativity combined power integrate the Intelligent Broker, an automation program for the insurance industry. Brokers will be able to resolve complicated obstacles, produce innovative products and services, and join or build new markets. In addition to this, AI in the insurance industry will improve customer service and prevent customers from fraud. In 2018, 79% of insurance managers believe that AI will revolutionize the way clients communicate with them and 59% of insurance agents are searching for ways to use AI to speed up the launch of new products and services.
Global Insurance Brokers Market Segments:
The global insurance brokers market is further segmented based on type, mode, end user and geography.
By Type: Life Insurance, General Insurance, Health Insurance, Others
By Mode: Offline, Online
By End User: Corporate, Individual
By Geography: The global insurance broker market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Insurance Brokers Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides insurance brokers market overviews, analyzes and forecasts market size and growth for the global insurance brokers market, insurance brokers market share, insurance brokers market players, insurance brokers market segments and geographies, insurance brokers market’s leading competitors’ revenues, profiles and market shares. The insurance brokers market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Read Insurance Brokers Global Market Report 2021 from The Business Research Company for information on the following:
Data Segmentations: Market Size, Global, By Region And By Country; Historic And Forecast Size, And Growth Rates For The World, 7 Regions And 12 Countries
Insurance Brokers Market Organizations Covered: Aon Plc, Arthur J. Gallagher & Co, BB&T Corp., Brown & Brown Insurance Inc, HUB International Ltd., Marsh & McLennan Companies Inc, NFP Corp, Willis Towers Watson Plc, Wells Fargo Insurance Services, Meadowbrook Insurance Group, Jardine Lloyd Thompson Group, Lockton Inc, USI Insurance Services LLC, Truist Financial Corp.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets.
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Insurance Global Market Report 2021 – By Type (Life Insurance, Property & Casualty Insurance, Health & Medical Insurance), By End User (Corporate, Individual), By Mode (Online, Offline), COVID-19 Impact And Recovery
Insurance, Reinsurance And Insurance Brokerage Global Market Report 2021 – By Type (Insurance, Insurance Brokers & Agents, Reinsurance), By Mode (Online, Offline), By End User (Corporate, Individual), COVID-19 Impact And Recovery
Reinsurance Global Market Report 2021: COVID-19 Impact And Recovery To 2030
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